"Given Blackstone's extensive and successful experience in the global chemical industry, notably past ownership of Celanese and Nalco, this investment will assist Bluestar in its growth and expansion," said Ren Jianxin, chairman of ChemChina (China National Chemical Corporation).

Former Celanese director Antony Leung, currently Blackstone's chairman of Greater China, and the firm's head of private equity in Asia Pacific Ben Jenkins would join the Bluestar board, the companies said in a statement.

"We believe that continued economic growth will drive long-term growth in China's chemical sector," said Leung.